The Island Regulatory and Appeals Commission announced today that it has approved an increase in the price of furnace oil of 2.0 cents per litre and an increase in the price of stove oil of 1.0 cent per litre. This action was taken as an interim measure to alleviate some of the negative impact which is being conveyed to the Commission through applications for non-crude related adjustments and other expressions of special circumstances with respect to the increased cost of refined products in the marketplace.
The amounts of these increases are of the same magnitude as the reductions which were ordered in May of 1997 when it was determined that the posted consumer prices of these products were not just and reasonable in view of the discounting of these prices which was taking place at that time.
The price increases authorized become effective at 12:01 a.m. on 17 February 2000.
Applications for further pricing adjustments based on crude and non-crude costs will be considered in due course.